Saturday, 18 April 2015
Last updated 20 hours ago
Oct 25 2011 | 11:38am ET
Affiliated Managers Group continued its strong run in the third quarter, posting another double-digit increase in profit as its portfolio companies continued to take in new money.
Prides Crossing, Mass.-based AMG, which invests in asset managers and owns stakes in hedge funds AQR Capital Management, BlueMountain Capital Management, ValueAct Capital and Value Partners Group, said its quarterly profit rose 18% year-on-year. In the previous three quarters, the firm had enjoyed at least an 80% increase, and in the fourth and first quarters saw its profit double.
"We are pleased with the ongoing success of our global distribution strategy, which continues to generate meaningfully positive net client cash flows, including $24 billion of net new client assets in the last 12 months," CEO Sean Healey said. Some $4.9 billion of that total came in the third quarter.
AMG's profit for the quarter was $40.1 million, up from $34 million last year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…